Paracetamol maker Granules India on Wednesday reported a 62.4 percent year-on-year (YoY) fall in net profit at Rs 47.9 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Granules India posted a net profit of Rs 127.5 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 985.5 crore during the period under review, falling 3.3 percent against Rs 1,019.5 crore in the corresponding period of the preceding fiscal. The decline was primarily on account of the business interruption that occurred due to the IT incident this quarter.

At the operating level, EBITDA declined 35.3 percent to Rs 136.8 crore in the first quarter of this fiscal over Rs 211.4 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 13.9 percent in the reporting quarter as compared to 20.7 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Active pharmaceuticals ingredients (API), pharmaceutical formulation intermediates (PFI), and finished dosages contribute 30 percent, 15 percent, and 55 percent of revenue from operations respectively for Q1 of FY24.

The company's Return on capital employed (ROCE) stood at 9.4 percent and net debt stood at Rs 856.9 crore and net debt to EBITDA at 1.57x.

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Dr. Krishna Prasad Chigurupati, chairman and managing director of Granules India, said, "Q1 Operating expenses were higher in line with the expected revenue and hence the gap in sales had a severe impact on PAT. We employed the appropriate incident response protocols for the containment of the IT incident and enhanced our security measures."

The results came after the close of the market hours. Shares of Granules India ended at Rs 322.50, down by Rs 0.35, or 0.11 percent on the BSE.